Entrepreneurs have a natural inclination to go it alone. While this do-it-yourself spirit can help you move forward, adding an element of collaboration into the mix can make you unstoppable. Partnering with another brand lets you broaden your reach, accomplish more with fewer resources, and create extraordinary experiences for your current (and future) customers.
These types of partnerships can also spark enormous innovation in product and business. We’ll go into detail on those areas in my next column, but today I’d like to focus on the marketing potential of brand partnerships. When considering whether or not a particular partner would be a good marketing match, I ask myself four key questions:
Do the brands mesh well?
One of the wisest words to keep in mind when dipping your toes into the co-branding partnership realm is “No.” This isn’t Nascar, where brands can just slap a logo on a car and call it a successful partnership. If brand identities don’t align, if there’s no overarching story that joins your company with your potential partner, just say “no.” For small businesses to justify the considerable resources required and potential vulnerabilities of corporate partnerships, there’s gotta be some commonalities. Read the rest of “Plays Well With Others: Brand Partnerships and Your Business” by Leah Busque at The Huffington Post.